Zimbabwe Earns US$557.11 Million From Tobacco Exports
Zimbabwe has so far exported tobacco valued at US$557.11 million, which is a 21% rise from US$462.29 million reported in the same period last year.
According to the latest Tobacco Industry Marketing Board (TIMB) report, as of 8 October 2022, Zimbabwe had exported 122.92m kilogrammes (kg) of tobacco compared to 115.70m kgs in the same period in 2021.
Most of Zimbabwe’s semi-processed tobacco is exported to the Far East, the European Union, Africa, the Middle East, Europe and the Americas.
The TIMB also revealed that the prices of the golden leaf on the international market firmed to US$4.53 per kg in 2022 from US$4.00 per kg in 2021. Part of the TIMB report reads:
As of Friday, October 8, 2022, the country’s tobacco export receipts stood at US$557.1m from US$462.2m realised same period last year.
The mass also improved to 122.92m kg from 115.70m kg in the same period last year with average prices also going up to US$4.53/kg from the US$4/ kg comparable period last year.
… Sales to the Far East earned US$485.2m followed by the European Union whose sales raked in US$118.4 and Africa’s US$102.3m.
In 2021, Zimbabwe earned US$819.7 million after exporting 183.6 million kg of tobacco.
However, according to TIMB, for every US$1 earned, US$0.85 is going to merchants with farmers earning US$0.15.
Approximately more than 90% of the tobacco farmers in Zimbabwe are under tobacco merchants’ contracts.
Tobacco used to be the leading foreign currency earner for Zimbabwe but over the years, it has been overtaken by gold, platinum and diaspora remittances. | Business Times
